AUGH! You CHANGED it!
I know, but, wait -- it's cool! You can set font size, and position and all good things now. Plus, more fonts.
Okay, so how do I set the background?
Just click the grey border area around the cover to see the background options.
Awesome. How do I set the text? You promised me positioning!
There's a couple of buttons below, you can click and drag them onto the image and wheresoever they fall, so shall the text appear. Also a little box that lets you set the font and all good things. If you want to change formatting, but not position, just click the button you want, don't drag.